Mega Millions Lottery Rolls to $214 Million – What To Do (or Not Do) If You Win

The first thing to consider is that winners who just overnight won tens of millions or hundreds of millions of dollars just joined the highest ranks of the wealthy. This can generate instant dynasty money, or it can even be considered King-Maker money. The new $214 million jackpot will bring some serious responsibilities to the winner. Sadly, many lottery winners end up broke. Some even end up broke within a few short years. Some lotto winners have even died with a tie directly to that vast and instant sum of money.

24/7 Wall St. would not wish for anyone to become instantly wealthy and then be back in the poor house, so we created a list of 12 things that winners should do, or should not do.

Again, winning the lottery brings instant wealth – and it must be followed by immediate responsibility. Remember that death and going back to the poorhouse are bad outcomes. Do you take the cash, or take the annuity payment option? Do you live large, or do you remain reserved (or in hiding)? What about getting an advisor and a life coach, or are you now a financial genius? Do you buy a mansion and luxury cars, or do you remain grounded? And what are the tax implications?

The Mega Millions jackpot roll announcement said:

For just the third time in the past 12 months, the Mega Millions jackpot has surged past the $200 million mark, with an estimated $214 million ($130 million cash) up for grabs next Tuesday, May 26. No ticket matched all six numbers drawn in the May 22 drawing – the white balls 3, 14, 15, 25 and 48, plus the gold Mega Ball 8. There were two Match 5 winning tickets, worth $1 million each, sold in Massachusetts and New York.

While a $214 million lottery sounds massive, it is still nowhere close to a record. A Mega Millions lottery from 2012 reached $656 million, and a $648 million Mega Millions jackpot was won at the end of 2013. There was also a $590.5 million winning in 2013 and a $587.5 million winning in late 2012.

Here is the full list of 12 Things Not To Do If You Win The Lottery.

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